Toncoin (TON) Price Plummets Despite Major Tether Announcement

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Immediately after Pavel Durov finished his speech at TOKEN2049 in Dubai, Telegram Messenger’s core cryptocurrency, Toncoin (TON), ended its seven-week bull run.

Toncoin (TON) falls 12% in minutes: disappointment?

Toncoin (TON), a Telegram-related altcoin, quickly plummeted from $7.2 to $6.3 on major spot exchanges. As such, the overhyped altcoin ended its triple-digit rally, losing 12.5% ​​of its value in less than 30 minutes.

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This decline wiped out $1.14 million of TON/USDT long positions on the futures trading platform. Since the start of the rally in late February, the price of TON has increased by 141%.

Despite the big announcement by Telegram founder Pavel Durov, the cryptocurrency has plummeted. We shared our plans to reintroduce Telegram stickers, emojis, NFTs, and enable tipping functionality, all on the TON blockchain.

Additionally, Tether’s Paolo Ardoino announced the release of USD Tether (USDT), the world’s largest stablecoin on TON rail.

Prior to the announcement of TOKEN2049, Pavel Durov published a very rare interview with American conservative political commentator Tucker Carlson. However, the speech that Hotley had hoped for appeared to be a “buy the rumor, sell the news” event.

Tether’s USDT debuts on TON, more stablecoins to come

According to Tether Limited’s “Transparency” tracker, USD Tether (USDT) on TON will be issued with an initial capital of $10,000,000.

For context, this represents less than 0.01% of Tether’s total USDT market capitalization, and it is aiming for a new record of $110 billion.

In addition to the USDT debut, the Tether Transparency page also indicates the intention to release XAUT, EURT, CNHT, and MXNT stablecoins in TON.

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Vladislav Sopov

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